Internal Auditor Market Risk
About The Position
Nomura is a global financial services group with an integrated network spanning over 30 countries and regions. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its three business divisions: Retail, Wholesale (Global Markets and Investment Banking), and Investment Management. Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit Nomura's Global Internal Audit Division provides independent assurance to senior management and the Board, reinforcing the firm's sound risk culture and control environment. We operate across major financial centers and collaborate closely with the First and Second Lines of Defense to evaluate and enhance governance, risk management, and regulatory compliance. The Internal Auditor (VP) – Market Risk Management acts as the functional Subject Matter Expert (SME) for assessing the Second Line of Defense (2LoD) oversight of market risks within Nomura's Global Markets businesses. The auditor will evaluate how Market Risk functions identify, measure, monitor, and report risk exposures, and how risk appetite frameworks translate across asset classes, products and regions. This role focuses exclusively on market risk management audits—model validation and valuation control reviews are handled by separate specialized audit functions. However, familiarity with how models and valuation processes feed into market risk frameworks is expected to ensure effective collaboration with Nomura's Model Risk and Valuation audit SMEs. Familiarity with FRTB and other market risk capitalization frameworks also important for collaboration with-in audit and understanding the materiality of issues raised. This is a hands-on, analytical role suited to professionals who combine regulatory and product knowledge with a quantitative mindset, advanced analytics capabilities, and strong stakeholder engagement skills.
Requirements
- Deep understanding of Market Risk Management concepts: risk identification methodologies, VaR frameworks, stress testing, Greeks (delta, gamma, vega, theta, rho) and other risk sensitivities, exposure aggregation, and backtesting
- Strong knowledge of risk appetite frameworks, governance structures, and escalation design
- Ability to assess risk identification processes for new products, trading strategies, and emerging market risks
- Ability to assess limit management, risk metric reliability, and independent challenge mechanisms
- Knowledge of P&L attribution, risk factor decomposition, and variance analysis methodologies
- Quantitative familiarity with market risk concepts across asset classes: Rates, Credit, Equities, FX, and Commodities
- Understanding of cash and derivative products and their risk characteristics (e.g. RMBS, Structured Credit, options, swaps, structured products, exotics)
- Ability to interpret and challenge risk sensitivities, scenario outputs, and stress test results
- Familiarity with risk data aggregation principles and data quality requirements under regulatory frameworks
- Advanced proficiency in data analytics and automation
- Experience with AI and machine learning techniques for audit applications
- Familiarity with visualization tools and audit analytics platforms
- Ability to design and execute complex data analytics-driven testing strategies across large position and sensitivity datasets
- Understanding of global regulatory standards (Basel/FRTB/ICAAP/ILAAP, SR 11-7, SEC/CFTC/NFA, PRA/FCA, BaFin, JFSA) and the role of 2LoD market risk oversight
- Working knowledge of adjacent risk areas (Model Risk, Valuation Control, Credit, Treasury) to support effective collaboration
- 7-10 years of experience in Internal Audit, Market Risk, or risk related functions within an investment bank or financial institution
- Bachelor’s or master’s degree in finance, Economics, Mathematics, Statistics, Engineering, or related quantitative discipline
- Exceptional analytical, communication, and problem-solving skills with proven ability to present technical findings to senior stakeholders
- Demonstrated experience leading complex market risk audits across multiple jurisdictions or asset classes
- Ability to work effectively within a small, global audit team and manage stakeholder relationships across functions and regions
Nice To Haves
- Professional certifications (FRM, CFA, CPA, CIA) preferred
- Genuine curiosity about market dynamics, risk measurement, and emerging trends across risk disciplines
- Ability to balance independent challenge with constructive engagement across Nomura’s global Risk and Product teams
- Commitment to excellence and continuous improvement within a dynamic audit environment
Responsibilities
- Lead or co-lead audits of Market Risk Management functions within the 2LoD, with coverage spanning traded products and regional risk oversight teams
- Assess the design and operating effectiveness of risk governance frameworks, including limit structures, escalation processes, and risk appetite adherence
- Evaluate how Market Risk functions identify and assess emerging risks, including new products, trading strategies, market events, and changes in market conditions or liquidity
- Evaluate the reliability and governance of risk metrics such as VaR, expected shortfall, stress metrics, sensitivities, and FRTB-related measures
- Review monitoring and challenge processes applied to trading desk performance, market events, and emerging risk indicators
- Evaluate governance over risk data aggregation and reporting, including data quality controls, reconciliation processes, management information accuracy and escalation of data quality issues
- Develop and execute data-driven testing procedures to identify unusual patterns, control weaknesses, or governance gaps
- Apply AI-assisted techniques to enhance audit risk coverage, automate control testing, or improve documentation review
- Communicate audit findings and recommendations to Global Market Risk Management supporting remediation and continuous improvement
- Ensure audit conclusions align with expectations under Basel III / FRTB, SR 11-7, and regulators such as SEC, CFTC/NFA, PRA, FCA, BaFin, and JFSA
Stand Out From the Crowd
Upload your resume and get instant feedback on how well it matches this job.
What This Job Offers
Job Type
Full-time
Career Level
Mid Level
